The World Gold Council reported that gold jewelry demand by weight rose 1 percent year on year to 566.9 tonnes in the fourth quarter of 2014, while the value of gold jewelry demand slipped 5 percent to $22.2 billion. Gold jewelry demand for 2014 fell 10 percent to 2,152.9 tonnes; however, by value demand plummeted 19 percent to $87.7 billion.
During the fourth quarter, which included Diwali and Christmas, India's gold jewelry demand surged 19 percent to 179.1 tonnes, but Greater China's demand fell 27 percent to 150 tonnes. The Middle East region's demand rose 3 percent to 37.4 tonnes, while U.S. demand jumped 13 percent to 53.9 tonnes and Europe's demand increased 6 percent to 25.5 tonnes.
By value, India's gold jewelry demand during the fourth quarter rose a healthy 12 percent to $6.9 billion, but Greater China's demand slipped 31 percent to $5.8 billion. Demand from the Middle East fell 3 percent to $1.4 billion, but it rose 6 percent in the U.S. to $2.1 billion. Europe was flat at $986 million.
Similar trends were reflected in yearly calculations. Gold demand for jewelry in India reached a record 662.1 tonnes, up 8 percent compared with 2013 and in spite of government measures to restrict gold imports. Still, even with a strong wedding season and Diwali, according to the World Gold Council, gold jewelry demand by value fell 4 percent year on year to $26.9 billion in 2014.
In Greater China, gold jewelry demand plummeted 33 percent to 667.3 tonnes and it decreased 39 percent by value to $27.2 billion. Middle East demand fell 8 percent to 174.1 tonnes and dropped 18 percent by value to $7.1 billion, while U.S. demand for gold jewelry rose 9 percent to 132.4 tonnes, the highest since 2009, but it fell 1 percent by value to $5.3 billion. Europe's demand rose 6 percent to 46.4 tonnes, but fell 3 percent by value to $1.8 billion.
